Omaxe receives a two-notch credit upgrade by CARE Ratings; Stock gains 1.5%

12 Aug 2022 , 03:16 PM

Omaxe Limited has been assigned a credit rating of CARE BBB-/Stable by CARE ratings limited. The revised stable outlook is a testimony to the company’s constant effort towards optimising their financials. It also depicts the company’s strong positioning and footprint in the real estate industry.

Commenting on the assigned rating Atul Banshal, Finance Director – Omaxe Limited said, “We are pleased that Omaxe has received a BBB- credit rating from CARE Ratings. The upgrade in credit rating has come at a time where the company has a strong business pipeline and robust cash flow visibility for the short-midterm period. It reflects the management’s aspiration to progress towards reinstating company’s intrinsic value and strengthen the balance sheet.

At Omaxe, we are constantly committed to creating value and usher best results for all our stakeholders. We continuously focus on execution and quality product delivery with customer centricity _at the centre of everything and will continue to do so going forward.”

With this rating, Omaxe Limited will work towards optimising its debt profile even further through associations and partnerships with leading financial institutions across the spectrum.

At around 3:15 PM, Omaxe was trading at Rs101.40 per share up by Rs1.55 or 1.55% from its previous closing of Rs99.85 per share on the BSE.